INCOME TAX REPORTS (ITR)
Volume 332 : Part 4 (Issue dated 11-4-2011)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Capital or revenue receipt --Law before April 1, 2003--Non-competition fee--Nature of--Capital receipt--Income-tax Act, 1961, s. 28(va)-- Guffic Chem. P. Ltd. v. CIT . . . 602
Advance tax --Interest payable by assessee--Levy of interest under section 234B mandatory--Settlement Commission can levy interest for the first time--Income-tax Act, 1961, ss. 234B, 245D-- Akbar Travels of India P. Ltd . v. ITSC (Bom) . . . 572
Appeal to Appellate Tribunal --Powers of Tribunal--No power to review decision--Order deleting addition to income--Subsequent order under section 254(2) ordering readjudication of issue--Not justified--Income-tax Act, 1961, s. 254(2)-- K. K. Ravindran (Decd. by Lrs.) v. ITAT (Orissa) . . . 569
Business expenditure --Deduction only on actual payment--Time for filing return extended in terms of proviso to section 139(1)--Sales tax paid within extended period--Cannot be disallowed--Income-tax Act, 1961, ss. 43B, 139(1)-- CIT v. Narender Anand (Delhi) . . . 483
Business income --Receipt of lease rent from school building along with playground--Tribunal holding lease rent as business income--Law laid down by Supreme Court applicable to facts of case ignored--Case to be remanded to Tribunal for fresh decision--Tribunal to record a categorical finding on merits--Income-tax Act, 1961, ss. 22, 28--Constitution of India, art. 141-- CIT v. Doris Educational and Commercial Services P. Ltd . (MP) . . . 528
Capital or revenue expenditure --Tests--Expenditure on feasibility study--Feasibility study for assessee's existing business with a common administration and common fund--Study abandoned without creating any new asset--Revenue expenditure--Income-tax Act, 1961, s. 37-- CIT v. Priya Village Roadshows Ltd .(Delhi) . . . 594
Cash credit --Share application money--Confirmation of transaction along with PAN, assessment particulars, bank statement and balance-sheet--No finding that investor company and assessee had any relationship with each other--Not undisclosed income of assessee--Income-tax Act, 1961, s. 68-- CIT v. K. C. Fibres Ltd .(Delhi) . . . 481
Charitable purposes --Charitable trust--Denial of exemption--Effect of sections 11(2) and 13--Loan given by trust to firm in which president of the trust was interested and loan given to a trustee--Trust not entitled to exemption--Income-tax Act, 1961, ss. 11, 13-- CIT v. Gurukul Ghatkeswar Trust (AP) . . . 611
Current repairs --Meaning of--Textile machinery--Replacement of old machines with new ones--Not current repairs--Expenditure on replacement was capital in nature--Income-tax Act, 1961-- CIT v. Sarvaraya Textiles Ltd. (AP) . . . 553
Depreciation --Intangible asset--Goodwill--Purchase of hospital as going concern along with goodwill--Assessee entitled to depreciation on value of goodwill--Income-tax Act, 1961, 32(1)(ii)-- B. Raveendran Pillai v. CIT (Ker) . . . 531
----Rate of depreciation--Assessee leasing motor trucks and lorries--Entitled to depreciation at the rate of 40 per cent.--Income-tax Act, 1961, s. 32--Income-tax Rules, 1962, r. 5, Appex I, item III(2)(ii)-- Agarwal Finance Co. P. Ltd. v. CIT (Cal) . . . 549
Exemption --Educational institution--Condition precedent for exemption under section 10(22)--Institution must exist solely for purposes of education--Trust having other objects running educational institution--Not entitled to exemption under section 10(22)--Income-tax Act, 1961, s. 10(22)-- CIT v. Gurukul Ghatkeswar Trust (AP) . . . 611
Interest on borrowed capital --Two lines of business whether the same--Interest whether for purpose of business--Tests--Assessee carrying on manufacture of ferro-alloys setting up sugar plant--Businesses in same fold--Tribunal finding unity of control and management--Interest on capital borrowed for setting up sugar plant deductible--Income-tax Act, 1961, s. 36(1)(iii)-- CIT v. Monnet Industries Ltd. (Delhi) . . . 627
Investment allowance --Reserve--Failure to debit profit and loss account and credit investment allowance reserve account--Investment allowance could not be claimed--Assessee not entitled to opportunity to create reserve--Income-tax Act, 1961, s. 32A(4)-- CIT v. Sarvaraya Textiles Ltd. (AP) . . . 553
Kar Vivad Samadhan Scheme --Payment of tax under the Scheme--Delay in payment of tax--Delay cannot be condoned--Finance (No. 2) Act, 1998, s. 90-- Joshi and Joshi Construction Co. P. Ltd. v. CIT (MP) . . . 521
Precedent --Effect of Supreme Court decision in CIT v. Suresh N. Gupta [2008] 297 ITR 322-- CIT v. Hotel Meriya (Ker) . . . 537
----Observations of Supreme Court binding on High Courts--Effect of decision of Supreme Court in CIT v. Anjum M. H. Ghaswala [2001] 252 ITR 1 (SC)-- Akbar Travels of India P. Ltd. v. ITSC (Bom) . . . 572
Reassessment --Best judgment assessment--Assessing Officer reopening assessment pursuant to information received from Directorate of Revenue Intelligence--Commissioner (Appeals) dismissing appeal by assessee--Tribunal without deciding appeal on merits remitting to Assessing Officer accepting assessee's plea to raise objections to "reasons to believe" recorded by Assessing Officer--Not proper--Order of Tribunal to be set aside--Matter remanded to Commissioner (Appeals)--Income-tax Act, 1961, ss. 144, 147, 148-- CIT v. Safetag International India P. Ltd. (Delhi) . . . 622
----Notice--Law after 1989--Assessing Officer must have tangible material to conclude income has escaped assessment--Validity of reasons to be seen as at time of recording--Assessee making provision for diminution in value of assets and disallowing substantial portion of it in profit and loss account--Disallowance accepted by Assessing Officer--Balance shown as capital expenditure representing write down of value of slow moving inventory--No tangible reason to believe income escaped assessment--Reasons recorded before amendment making provision for diminution in value of assets taxable--Reopening of assessment not valid--Income-tax Act, 1961, s. 147-- IOT Infrastructure and Energy Services Ltd . v. Asst. CIT (Bom) . . . 587
Rectification of mistakes --Exemption--Voluntary Retirement Scheme--Original order refusing exemption following decision of jurisdictional High Court--Subsequent reversal of decision by Supreme Court--Original order must be rectified and exemption must be granted--Income-tax Act, 1961, ss. 10(10C), 154-- K. R. Alagappan v. Asst. CIT (Mad) . . . 517
----Failure of Settlement Commission to levy interest under section 234B--Mistake which could be rectified--Income-tax Act, 1961, ss. 154, 234B, 245D-- Akbar Travels of India P. Ltd. v. ITSC (Bom) . . . 572
Residence --Assessee citizen of India visiting foreign countries--Explanation (b) to section 6(1)(c) not applicable--Assessee resident in India for 365 days in the past four years and for 96 days in the relevant previous year--Assessee resident in India--Income-tax Act, 1961, s. 6(1)(c), Expln. (b)-- Asst. DIT (Investigation) (AIU) v. Apparasu Ravi (Mad) . . . 497
Revision --Assessment order not erroneous or prejudicial to the interests of Revenue--Revisional order rightly set aside--Income-tax Act, 1961, s. 263-- CIT v. Rajiv Agnihotri (P&H) . . . 608
Search and seizure --Block assessment--Surcharge leviable--Income-tax Act, 1961, s. 113-- CIT v. Hotel Meriya (Ker) . . . 537
----Block assessment--Undisclosed income--Evidence--Statements of partner of firm and employees would constitute evidence--Evidence of concealment not required for every year in block period--Block assessment to be made in a judicious manner--Income-tax Act, 1961, ss. 131, 158BB, 158BC-- CIT v. Hotel Meriya (Ker) . . . 537
----Seizure of gold--Notification under Customs Act providing exemption for bringing gold--Notification applicable only for Customs Act--Seizure of gold under Income-tax Act valid--Income-tax Act, 1961, s. 132-- Asst. DIT (Investigation) (AIU) v. Apparasu Ravi (Mad) . . . 497
----Validity of search--Condition precedent--Information leading to reason to believe valuable article or thing represents undisclosed income--Search based on admission by assessee--Search valid--Income-tax Act, 1961, s. 132-- Asst. DIT (Investigation) (AIU) v. Apparasu Ravi (Mad) . . . 497
Settlement of cases --Powers of Settlement Commission--Powers to be exercised in accordance with the provisions of the Income-tax Act--Income-tax Act, 1961-- Akbar Travels of India P. Ltd. v. ITSC (Bom) . . . 572
Writ --Restoration of writ petition--Delay of more than thirty years in applying for restoration--No satisfactory explanation for delay--Writ petition could not be restored--Constitution of India, art. 226-- Baijnath Saboo v. ITO (Cal) . . . 566
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
Art. 141 --Business income--Receipt of lease rent from school building along with playground--Tribunal holding lease rent as business income--Law laid down by Supreme Court applicable to facts of case ignored--Case to be remanded to Tribunal for fresh decision--Tribunal to record a categorical finding on merits-- CIT v. Doris Educational and Commercial Services P. Ltd. (MP) . . . 528
Art. 226 --Writ--Restoration of writ petition--Delay of more than thirty years in applying for restoration--No satisfactory explanation for delay--Writ petition could not be restored-- Baijnath Saboo v. ITO (Cal) . . . 566
S. 90 --Kar Vivad Samadhan Scheme--Payment of tax under the Scheme--Delay in payment of tax--Delay cannot be condoned-- Joshi and Joshi Construction Co. P. Ltd. v. CIT (MP) . . . 521
S. 6(1)(c), Expln. (b) --Residence--Assessee citizen of India visiting foreign countries--Explanation (b) to section 6(1)(c) not applicable--Assessee resident in India for 365 days in the past four years and for 96 days in the relevant previous year--Assessee resident in India-- Asst. DIT (Investigation) (AIU) v. Apparasu Ravi (Mad) . . . 497
S. 10(10C) --Rectification of mistakes--Exemption--Voluntary Retirement Scheme--Original order refusing exemption following decision of jurisdictional High Court--Subsequent reversal of decision by Supreme Court--Original order must be rectified and exemption must be granted-- K. R. Alagappan v. Asst. CIT (Mad) . . . 517
S. 10(22) --Exemption--Educational institution--Condition precedent for exemption under section 10(22)--Institution must exist solely for purposes of education--Trust having other objects running educational institution--Not entitled to exemption under section 10(22)-- CIT v. Gurukul Ghatkeswar Trust (AP) . . . 611
S. 11 --Charitable purposes--Charitable trust--Denial of exemption--Effect of sections 11(2) and 13--Loan given by trust to firm in which president of the trust was interested and loan given to a trustee--Trust not entitled to exemption-- CIT v. Gurukul Ghatkeswar Trust (AP) . . . 611
S. 13 --Charitable purposes--Charitable trust--Denial of exemption--Effect of sections 11(2) and 13--Loan given by trust to firm in which president of the trust was interested and loan given to a trustee--Trust not entitled to exemption-- CIT v. Gurukul Ghatkeswar Trust (AP) . . . 611
S. 22 --Business income--Receipt of lease rent from school building along with playground--Tribunal holding lease rent as business income--Law laid down by Supreme Court applicable to facts of case ignored--Case to be remanded to Tribunal for fresh decision--Tribunal to record a categorical finding on merits-- CIT v. Doris Educational and Commercial Services P. Ltd. (MP) . . . 528
S. 28 --Business income--Receipt of lease rent from school building along with playground--Tribunal holding lease rent as business income--Law laid down by Supreme Court applicable to facts of case ignored--Case to be remanded to Tribunal for fresh decision--Tribunal to record a categorical finding on merits-- CIT v. Doris Educational and Commercial Services P. Ltd. (MP) . . . 528
S. 28(va) --Capital or revenue receipt--Law before April 1, 2003--Non-competition fee--Nature of--Capital receipt-- Guffic Chem. P. Ltd. v. CIT (SC) . . . 602
S. 32 --Depreciation--Rate of depreciation--Assessee leasing motor trucks and lorries--Entitled to depreciation at the rate of 40 per cent.-- Agarwal Finance Co. P. Ltd. v. CIT (Cal) . . . 549
S. 32(1)(ii) --Depreciation--Intangible asset--Goodwill--Purchase of hospital as going concern along with goodwill--Assessee entitled to depreciation on value of goodwill-- B. Raveendran Pillai v. CIT (Ker) . . . 531
S. 32A(4) --Investment allowance--Reserve--Failure to debit profit and loss account and credit investment allowance reserve account--Investment allowance could not be claimed--Assessee not entitled to opportunity to create reserve-- CIT v. Sarvaraya Textiles Ltd. (AP) . . . 553
S. 36(1)(iii) --Interest on borrowed capital--Two lines of business whether the same--Interest whether for purpose of business--Tests--Assessee carrying on manufacture of ferro-alloys setting up sugar plant--Businesses in same fold--Tribunal finding unity of control and management--Interest on capital borrowed for setting up sugar plant deductible-- CIT v. Monnet Industries Ltd. (Delhi) . . . 627
S. 37 --Capital or revenue expenditure--Tests--Expenditure on feasibility study--Feasibility study for assessee's existing business with a common administration and common fund--Study abandoned without creating any new asset--Revenue expenditure-- CIT v. Priya Village Roadshows Ltd. (Delhi) . . . 594
S. 43B --Business expenditure--Deduction only on actual payment--Time for filing return extended in terms of proviso to section 139(1)--Sales tax paid within extended period--Cannot be disallowed-- CIT v. Narender Anand (Delhi) . . . 483
S. 68 --Cash credit--Share application money--Confirmation of transaction along with PAN, assessment particulars, bank statement and balance-sheet--No finding that investor company and assessee had any relationship with each other--Not undisclosed income of assessee-- CIT v. K. C. Fibres Ltd. (Delhi) . . . 481
S. 113 --Search and seizure--Block assessment--Surcharge leviable-- CIT v. Hotel Meriya (Ker) . . . 537
S. 131 --Search and seizure--Block assessment--Undisclosed income--Evidence--Statements of partner of firm and employees would constitute evidence--Evidence of concealment not required for every year in block period--Block assessment to be made in a judicious manner-- CIT v. Hotel Meriya (Ker) . . . 537
S. 132 --Search and seizure--Seizure of gold--Notification under Customs Act providing exemption for bringing gold--Notification applicable only for Customs Act--Seizure of gold under Income-tax Act valid-- Asst. DIT (Investigation) (AIU) v. Apparasu Ravi (Mad) . . . 497
----Search and seizure--Validity of search--Condition precedent--Information leading to reason to believe valuable article or thing represents undisclosed income--Search based on admission by assessee--Search valid-- Asst. DIT (Investigation) (AIU) v. Apparasu Ravi (Mad) . . . 497
S. 139(1) --Business expenditure--Deduction only on actual payment--Time for filing return extended in terms of proviso to section 139(1)--Sales tax paid within extended period--Cannot be disallowed-- CIT v. Narender Anand (Delhi) . . . 483
S. 144 --Reassessment--Best judgment assessment--Assessing Officer reopening assessment pursuant to information received from Directorate of Revenue Intelligence--Commissioner (Appeals) dismissing appeal by assessee--Tribunal without deciding appeal on merits remitting to Assessing Officer accepting assessee's plea to raise objections to "reasons to believe" recorded by Assessing Officer--Not proper--Order of Tribunal to be set aside--Matter remanded to Commissioner (Appeals)-- CIT v. Safetag International India P. Ltd. (Delhi) . . . 622
S. 147 --Reassessment--Best judgment assessment--Assessing Officer reopening assessment pursuant to information received from Directorate of Revenue Intelligence--Commissioner (Appeals) dismissing appeal by assessee--Tribunal without deciding appeal on merits remitting to Assessing Officer accepting assessee's plea to raise objections to "reasons to believe" recorded by Assessing Officer--Not proper--Order of Tribunal to be set aside--Matter remanded to Commissioner (Appeals)-- CIT v. Safetag International India P. Ltd. (Delhi) . . . 622
----Reassessment--Notice--Law after 1989--Assessing Officer must have tangible material to conclude income has escaped assessment--Validity of reasons to be seen as at time of recording--Assessee making provision for diminution in value of assets and disallowing substantial portion of it in profit and loss account--Disallowance accepted by Assessing Officer--Balance shown as capital expenditure representing write down of value of slow moving inventory--No tangible reason to believe income escaped assessment--Reasons recorded before amendment making provision for diminution in value of assets taxable--Reopening of assessment not valid-- IOT Infrastructure and Energy Services Ltd. v. Asst. CIT (Bom) . . . 587
S. 148 --Reassessment--Best judgment assessment--Assessing Officer reopening assessment pursuant to information received from Directorate of Revenue Intelligence--Commissioner (Appeals) dismissing appeal by assessee--Tribunal without deciding appeal on merits remitting to Assessing Officer accepting assessee's plea to raise objections to "reasons to believe" recorded by Assessing Officer--Not proper--Order of Tribunal to be set aside--Matter remanded to Commissioner (Appeals)-- CIT v. Safetag International India P. Ltd. (Delhi) . . . 622
S. 154 --Rectification of mistakes--Exemption--Voluntary Retirement Scheme--Original order refusing exemption following decision of jurisdictional High Court--Subsequent reversal of decision by Supreme Court--Original order must be rectified and exemption must be granted-- K. R. Alagappan v. Asst. CIT (Mad) . . . 517
----Rectification of mistakes--Failure of Settlement Commission to levy interest under section 234B--Mistake which could be rectified-- Akbar Travels of India P. Ltd. v. ITSC (Bom) . . . 572
S. 158BB --Search and seizure--Block assessment--Undisclosed income--Evidence --Statements of partner of firm and employees would constitute evidence--Evidence of concealment not required for every year in block period--Block assessment to be made in a judicious manner-- CIT v. Hotel Meriya (Ker) . . . 537
S. 158BC --Search and seizure--Block assessment--Undisclosed income--Evidence --Statements of partner of firm and employees would constitute evidence--Evidence of concealment not required for every year in block period--Block assessment to be made in a judicious manner-- CIT v. Hotel Meriya (Ker) . . . 537
S. 234B --Advance tax--Interest payable by assessee--Levy of interest under section 234B mandatory--Settlement Commission can levy interest for the first time-- Akbar Travels of India P. Ltd. v. ITSC (Bom) . . . 572
----Rectification of mistakes--Failure of Settlement Commission to levy interest under section 234B--Mistake which could be rectified-- Akbar Travels of India P. Ltd. v. ITSC (Bom) . . . 572
S. 245D --Advance tax--Interest payable by assessee--Levy of interest under section 234B mandatory--Settlement Commission can levy interest for the first time-- Akbar Travels of India P. Ltd. v. ITSC (Bom) . . . 572
----Rectification of mistakes--Failure of Settlement Commission to levy interest under section 234B--Mistake which could be rectified-- Akbar Travels of India P. Ltd. v. ITSC (Bom) . . . 572
S. 254(2) --Appeal to Appellate Tribunal--Powers of Tribunal--No power to review decision--Order deleting addition to income--Subsequent order under section 254(2) ordering readjudication of issue--Not justified-- K. K. Ravindran (Decd. by Lrs.) v. ITAT (Orissa) . . . 569
S. 263 --Revision--Assessment order not erroneous or prejudicial to the interests of Revenue--Revisional order rightly set aside-- CIT v. Rajiv Agnihotri (P&H) . . . 608
r. 5, Appex I, item III(2)(ii) --Depreciation--Rate of depreciation--Assessee leasing motor trucks and lorries--Entitled to depreciation at the rate of 40 per cent.-- Agarwal Finance Co. P. Ltd. v. CIT (Cal) . . . 549
ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
Volume 8 : Part 6 (Issue dated : 11-04-2011)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Amortisation of preliminary expenses --Expenses in connection with issue of shares--Expenses not incurred before commencement of business--No case of setting up of new unit--Expenses do not qualify for amortisation--Income-tax Act, 1961, s. 35D -- Medreich Ltd. v. Deputy CIT (Bangalore) . . . 639
Business expenditure --Business set up and necessary market explorations and connected memorandum of understandings taken up--Expenditure to be allowed--Income-tax Act, 1961 -- Deputy CIT v. Hazira Gas P. Ltd. (Ahmedabad) . . . 630
Capital or revenue expenditure --Payment for services rendered in connection with issue of shares--Capital expenditure--That share capital raised for working capital requirements not relevant--Income-tax Act, 1961, s. 37(1)-- Medreich Ltd. v. Deputy CIT (Bangalore) . . . 639
Export --Deduction--Computer software--Double taxation avoidance--Provision against discrimination--Non-resident assessee exporting computer software entitled to deduction under section 80HHE on par with resident person in India--Double Taxation Avoidance Agreement between India and USA, art. 26(2)--Income-tax Act, 1961, s. 80HHE--Circular No. 621, dated 19-12-1991--Circular No. 333, dated 2-4-1982-- Rajeev Sureshbhai Gajwani v. Asst. CIT (Ahmedabad) [SB] . . . 616
----Special deduction--Computation of profits--Entire export proceeds not received within time specified--Direct cost attributable to eligible export turnover alone deductible--Income-tax Act, 1961, s. 80HHC -- ITO v. Robinson Impex (I) P. Ltd. (Ahmedabad) . . . 647
Income --Assessee owning trade mark--Agreement permitting another manufacturer to use trade mark--Agreement providing for reimbursement of expenditure on advertising--Amount of reimbursement to be decided from time to time by mutual consent--Reimbursement of part of expenditure--Amount not re-imbursed did not constitute income of assessee--Income-tax Act, 1961-- M. P. Ramachandran v. Deputy CIT (Mumbai) . . . 655
Industrial undertaking --Special deduction--Sole proprietorship converted into partnership--No transfer of plant and machinery to new firm but transfer of industrial undertaking along with all assets and liabilities--Assessee entitled to deduction--Income-tax Act, 1961, s. 80-IB -- ITO v. Advance Valves Global (Delhi) . . . 684
Reassessment --Condition precedent--Escapement of income from assessment--Disallowance of expenditure in block assessment--Reassessment proceedings for disallowance of same amount in regular assessment--Not valid--Income-tax Act, 1961, ss. 147, 148-- M. P. Ramachandran v. Deputy CIT (Mumbai) . . . 655
----Validity--One of reasons given constituting ground for reassessment--Reassessment proceedings--Valid--Income-tax Act, 1961, ss. 147, 148-- M. P. Ramachandran v. Deputy CIT (Mumbai) . . . 655
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
Double Taxation Avoidance Agreement between India and USA :
Art. 26(2) --Export--Deduction--Computer software--Double taxation avoidance--Provision against discrimination--Non-resident assessee exporting computer software entitled to deduction under section 80HHE on par with resident person in India--Circular No. 621, dated 19-12-1991--Circular No. 333, dated 2-4-1982-- Rajeev Sureshbhai Gajwani v. Asst. CIT (Ahmedabad) . . . 616
S. 35D --Amortisation of preliminary expenses--Expenses in connection with issue of shares--Expenses not incurred before commencement of business--No case of setting up of new unit--Expenses do not qualify for amortisation-- Medreich Ltd. v. Deputy CIT (Bangalore) . . . 639
S. 37(1) --Capital or revenue expenditure--Payment for services rendered in connection with issue of shares--Capital expenditure--That share capital raised for working capital requirements not relevant-- Medreich Ltd. v. Deputy CIT (Bangalore) . . . 639
S. 80HHC -- Export--Special deduction--Computation of profits--Entire export proceeds not received within time specified--Direct cost attributable to eligible export turnover alone deductible-- ITO v. Robinson Impex (I) P. Ltd. (Ahmedabad) . . . 647
S. 80HHE --Export--Deduction--Computer software--Double taxation avoidance--Provision against discrimination--Non-resident assessee exporting computer software entitled to deduction under section 80HHE on par with resident person in India--Circular No. 621, dated 19-12-1991--Circular No. 333, dated 2-4-1982-- Rajeev Sureshbhai Gajwani v. Asst. CIT [SB] (Ahmedabad) . . . 616
S. 80-IB -- Industrial undertaking--Special deduction--Sole proprietorship converted into partnership--No transfer of plant and machinery to new firm but transfer of industrial undertaking along with all assets and liabilities--Assessee entitled to deduction-- ITO v. Advance Valves Global (Delhi) . . . 684
S. 147 --Reassessment--Condition precedent--Escapement of income from assessment--Disallowance of expenditure in block assessment--Reassessment proceedings for disallowance of same amount in regular assessment--Not valid-- M. P. Ramachandran v. Deputy CIT (Mumbai) . . . 655
----Reassessment--Validity--One of reasons given constituting ground for reassessment--Reassessment proceedings--Valid-- M. P. Ramachandran v. Deputy CIT (Mumbai) . . . 655
S. 148 --Reassessment--Condition precedent--Escapement of income from assessment--Disallowance of expenditure in block assessment--Reassessment proceedings for disallowance of same amount in regular assessment--Not valid-- M. P. Ramachandran v. Deputy CIT (Mumbai) . . . 655
----Reassessment--Validity--One of reasons given constituting ground for reassessment--Reassessment proceedings--Valid-- M. P. Ramachandran v. Deputy CIT (Mumbai) . . . 655
CA.RAJU SHAH
No comments:
Post a Comment